Sumitomo Rubber North America will increase prices on its Falken and Ohtsu brands of consumer and medium-duty truck tires in the United States and Canada in the coming months. Sumitomo Rubber said it will increase the price of passenger car and light truck tires by 8% from January 1. Effective December 1, the price of medium-duty truck tires will increase by 6%. It was also added that the operation will include inline resizing based on size.

On March 1 this year, the price of Falken brand tires was increased by 5%. The Rancho Cucamonga-based company cited a number of factors that would require higher prices, including increased transportation and labor costs and other market factors.

Goodyear price increase

On November 13, 2020, Goodyear USA plans to sell Goodyear and Dunlop brand passenger car and light truck tires starting on December 1 The price is expected to increase by 5%. Goodyear said the company is constantly adapting to market changes in the industry, reflecting Goodyear's strong brand value. Goodyear last raised North American consumer tire prices on April 1, increasing Goodyear and Carrier brand consumer tire prices by 5%.

Companies that plan to disclose price increase information include: Hankook Tire America Corp., whose commercial truck tire production in the United States increased by as much as 5% on December 1; Yokohama Tire Corp., effective November 1, is offering increases of up to 6% for certain consumer replacement tires sold in the United States; and on certain commercial tire lines, increases from 12 Effective from January 1st. Bridgestone Americas Corp., effective November 1, has seen an average increase of more than 5%, with some prices exceeding 8%.

Foreign markets have begun to increase prices

Recently, the price increase trend of domestic tire companies seems to have passed, but the price increases of foreign-funded tire companies were the first to initiate in foreign tire markets, and the futures of natural rubber Although the price experienced a short-term decline, it was still rising on November 16, 2020. The futures price of natural rubber is still at a high level, so the possibility of domestic tire companies issuing price increase notices again cannot be ruled out.

At present, only Hankook has issued a price increase notice in China. Most foreign tire companies’ sales of truck and bus tires in China are not high. Passenger cars account for half of the country. With the stable price system for passenger car tires, foreign tire companies can survive for a while.

This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.